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Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/mko2wp6
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
Digital Transformation Strategy - 4IR AI Blockchain Fintech by Dinis GuardaDinis Guarda
Digital transformation strategy
How to be a business fit
In a time of 4IR AI Blockchain Fintech
The future of all businesses and related industries is all about disruption – and that’s a good thing
Disruption across all industries is inevitable, but rather than bracing for the change, businesses should be confident to accept and embrace it.
This is the only way to be fit in a digital transformation 4IR time.
by Dinis Guarda,
author, CEO founder ztudium - openbusinesscouncil.org - fashionabc.org - intelligenthq.com
The FinTech ecosystem playbook captures the journey of 26 FinTech hubs in the emerging markets — their experiences and learnings in the process of building a strong financial services ecosystem. The teams highlight the best industry practices from these markets so that participants learn from each other.
MEDICI’s new ‘Africa FinTech Report 2020’ is a deep-dive into the sector; it analyzes segments, funding patterns, M&As, partnerships, and countries, and offers perspectives that have been drawn out of regulatory, economic, and market dynamics.
Check out @Tracxn's #curated latest #startup activity in #Tech rebrand.ly/mko2wp6
Subscribe for free https://rb.gy/3yuosu to access reports on your #Geography of interest, every month!
Digital Transformation Strategy - 4IR AI Blockchain Fintech by Dinis GuardaDinis Guarda
Digital transformation strategy
How to be a business fit
In a time of 4IR AI Blockchain Fintech
The future of all businesses and related industries is all about disruption – and that’s a good thing
Disruption across all industries is inevitable, but rather than bracing for the change, businesses should be confident to accept and embrace it.
This is the only way to be fit in a digital transformation 4IR time.
by Dinis Guarda,
author, CEO founder ztudium - openbusinesscouncil.org - fashionabc.org - intelligenthq.com
The FinTech ecosystem playbook captures the journey of 26 FinTech hubs in the emerging markets — their experiences and learnings in the process of building a strong financial services ecosystem. The teams highlight the best industry practices from these markets so that participants learn from each other.
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Check out Tracxn's curated latest startup activity in Tech rebrand.ly/pjy3112
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Hoof is an innovative financial services company now seeking investment for a highly scalable application and API platform aimed at growing SMEs. Every small merchant wants to grow. We exist to make that path easier.
Finch Capital issued its annual State of European fintech report for 2020. The report covers a range of topics impacting the fintech industry: where we are today; the impact of CV-19; the M&A conundrum; and trends the Finch Capital team anticipates will shape FinTech in 2021. This follows an analytical report published in April of this year titled ‘FinTech: The Future Post CV-19’.
«Fintech Guide» is our special issue in which we roll the dice and bring all miscellaneous facts about this flourishing industry into one complete vision.
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Project Landing Page:
https://businessviews.com.ua/ru/the-infographics-report-fintech-guide-2018-eng/
Marsden CELPU 2021 platform law co-regulationChris Marsden
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Professor Chris Marsden, Sussex Law @SussCIGR
Discussion: Dr Eun-Jung Kwon (KISDI)
This document brings together a set
of latest data points and publicly
available information relevant for
Business Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
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The Inclusive Fintech 50 applicant pool provides new insights into inclusion-focused fintech, itself a subset of the fintech universe. Early-stage inclusive fintechs are developing innovative products, services, business models, and distribution channels to provide solutions for underserved segments. Yet these startups require capital and other resources in order to reach the world’s 3 billion financially underserved people. By highlighting these high-potential companies, we hope to support the efforts of investors, banking partners, and other fintechs working towards a financially inclusive world.
https://runfrictionless.com/b2b-white-paper-service/
Insights Success is the Best Business Magazine in the world for enterprises, being a platform it focuses distinctively on emerging as well as leading fastest growing companies, their confrontational style of doing business and way of delivering effective and collaborative solutions to strengthen market share. Here, we talks about leader’s viewpoints & ideas, latest products/services, etc. Insights Success magazine reaches out to all the ‘C’ Level professional, VPs, Consultants, VCs, Managers, and HRs of various industries
Indonesian Tech Ecosystem Report - Bits by BricksRama Manusama
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- Case studies on partnerships between startups and corporates in delivering business impact.
Demystifying the "myth" behind Venture Capital Firms
1. Where the money came from
2. Understanding VC's business model
3. What startups need to know before they're pitching to VCs
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What is bank-as-a-service? And why it is so necessary for Asia-Pacific region? Download as pdf in English, Chinese, Korean and Japanese on www.bank-as-a-service.com. Read more on http://www.forbes.com/sites/vladislavsolodkiy/2016/08/03/what-asian-banks-can-learn-from-amazon-about-working-for-fintech/
This conference explored technological innovation across the financial services sector, from developments in leading tier 1 institutions to the disruptive innovators within the start-up community that are reshaping the FS market. The agenda also contextualised the impact of key technology trends such as: Cloud, Mobile, Big Data and Block Chain technology.
Check out Tracxn's curated latest startup activity in Tech rebrand.ly/pjy3112
Subscribe for free https://rb.gy/3yuosu to access reports on your Geography of interest , every month !
Hoof is an innovative financial services company now seeking investment for a highly scalable application and API platform aimed at growing SMEs. Every small merchant wants to grow. We exist to make that path easier.
Finch Capital issued its annual State of European fintech report for 2020. The report covers a range of topics impacting the fintech industry: where we are today; the impact of CV-19; the M&A conundrum; and trends the Finch Capital team anticipates will shape FinTech in 2021. This follows an analytical report published in April of this year titled ‘FinTech: The Future Post CV-19’.
«Fintech Guide» is our special issue in which we roll the dice and bring all miscellaneous facts about this flourishing industry into one complete vision.
With this Report we are eager to give balanced, easy and fun answers to what Fintech is and why it matters.
Project Landing Page:
https://businessviews.com.ua/ru/the-infographics-report-fintech-guide-2018-eng/
Marsden CELPU 2021 platform law co-regulationChris Marsden
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Professor Chris Marsden, Sussex Law @SussCIGR
Discussion: Dr Eun-Jung Kwon (KISDI)
This document brings together a set
of latest data points and publicly
available information relevant for
Business Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
China has become a global leader in Fintech, particularly in the mobile payment area. This report describes the market size and key driving factors of China's fintech industry as well as the future of China's fintech ecosystem. It also outlines the related future opportunities and implications for Finland.
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The Inclusive Fintech 50 applicant pool provides new insights into inclusion-focused fintech, itself a subset of the fintech universe. Early-stage inclusive fintechs are developing innovative products, services, business models, and distribution channels to provide solutions for underserved segments. Yet these startups require capital and other resources in order to reach the world’s 3 billion financially underserved people. By highlighting these high-potential companies, we hope to support the efforts of investors, banking partners, and other fintechs working towards a financially inclusive world.
https://runfrictionless.com/b2b-white-paper-service/
Insights Success is the Best Business Magazine in the world for enterprises, being a platform it focuses distinctively on emerging as well as leading fastest growing companies, their confrontational style of doing business and way of delivering effective and collaborative solutions to strengthen market share. Here, we talks about leader’s viewpoints & ideas, latest products/services, etc. Insights Success magazine reaches out to all the ‘C’ Level professional, VPs, Consultants, VCs, Managers, and HRs of various industries
Digitizing Cooperative with Innovative solutionsTjikal Jedy
Strengthening the digital economy will play a pivotal role in reaching Indonesia’s full potential. With more MSMEs engaged in the digital economy through broadband, e-commerce, social media, the cloud, and mobile platforms, they can have faster growth in revenue and employment, be more innovative and more competitive in the ASEAN Economic Community.Penguatan ekonomi digital akan memainkan peran penting dalam mencapai potensi penuh Indonesia. Dengan lebih UMKM yang bergerak di bidang ekonomi digital melalui broadband, e-commerce, media sosial, awan, dan platform mobile, mereka dapat memiliki pertumbuhan yang lebih cepat dalam pendapatan dan lapangan kerja, menjadi lebih inovatif dan lebih kompetitif di Masyarakat Ekonomi ASEAN.
Fintech is gaining popularity recently, a great number of Fintech startups are emerging nowadays. Fintech has huge potential in Indonesia as it provides solutions which are not offered by conventional banking institutions. New model of payment and investment option become more familiar through online financial service. Fintech in Indonesia does not spared from government regulation, to make sure financial products that startup's offered are not harmful toward society, OJK as the policy holder will soon pass a law to regulate the growing fintech startup in Indonesia. All information about fintech startup, available sectors, and forecast growth will be available in this report.
DIGITAL LEADERSHIP: An interview with Saul Klein Partner with Index VenturesCapgemini
Saul Klein, Partner with Index Ventures
Saul Klein is a Partner with Index Ventures, one of the largest venture capital firms specializing in technology investments. Saul has 20 years of experience in building tech companies in both the US and Europe. He is the co-founder of Kano and Seedcamp; he also co-founded and was the original CEO of Lovefilm International, which was acquired by Amazon; and part of the original executive team at Skype, which was acquired by eBay. Capgemini Consulting spoke to Saul Klein to examine the disruptive impacts of startups and their implications for traditional incumbents.
This report is an attempt to cover as completely as possible the growth and overall status of the technology startup landscape in St. Louis, as of year end 2012. The report is based entirely on original data reported by the more than 250 startups that ITEN has tracked since 2008.
ITEN accelerates tech startups with programs for rapid product development, connections to talent, essential networking, and access to funding. Designed by entrepreneurs for entrepreneurs, requiring neither payment nor equity, ITEN is a unique community asset building a new culture of innovation in St. Louis and beyond. ITEN can be found on the web at www.itenstl.org and @itenstl on twitter.
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The document is a proposal for revenue streams for accellevate lead a social enterprise firm aimed at impacting technical skills for graduates through engagements with industry leaders in Kenya
Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from regulators themselves and the introduction of the city state’s very first digital banks, according to the Singapore Fintech Report 2021 produced by Fintech News Singapore in partnership with Alibaba Cloud.
This report was commissioned by Fintechnews Singapore, created and written by Jocelyn Cheung, from research to layout. For more service like this, please reach me at LinkedIn@jocelyn18 or jocelyncky@gmail.com
India FinTech report 2019 - Executive summaryMEDICI
India FinTech Report 2019 offers an in-depth look at what makes the Indian FinTech ecosystem vibrant by taking a deeper dive into Government, Regulatory, and Private sector initiatives.
Download the Executive Summary here: https://bit.ly/2ugRke5
Download the main report here: https://bit.ly/2EjGclm
Greg Carson of XBTO Humla Ventures, Venture Capital/Digital Asset fund manager at the marcus evans Private Wealth Management Summit 2022, and the Elite Summit 2022, discusses the financial markets transformation, and what investment opportunities investors must consider.
A look inside the top 4 trends driving the FinTech industry today. How technology is impacting financial services and how they can benefit from advanced data analysis. Presented by Peter Huang, Director of Data at Beyondsoft.
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Bitsxbricks Startup Indonesia Whitepaper by MDI Ventures
1.
2.
3. Foreword
Telkom Indonesia has made a firm commitment to
support the development of Indonesia’s startup ecosystem
and corporate innovation. Via MDI Ventures, our corporate
venture arm, we have set out the vision to bring the best of
the world’s innovations into our rapidly emerging markets
and expand our border to lead corporate open innovation
in Indonesia.
Historically, telecommunication industry has been
disrupted by multiple waves of technological disruption
over the course of its existence. Telegraphy, once
considered as one of main revenue streams in the
telco ecosystem, completely lost its relevance after the
introduction of e-mail. Fixed line telephone, once the
core business of telecommunication companies, will also
be completely obsolete in the near future. Today, we are
the leading mobile connectivity provider in the country.
However, we cannot stay comfortable with status quo.
Digital revolution is changing the world and we need to
keep evolving to stay ahead.
We set ambitious targets for our corporate transformation
initiatives. Telkom Indonesia aims to be the country’s
leading digital player by actively building partnerships
with both startups and established companies. We
are also seeing that the adoption of internet results in
diminishing national boundaries. Being a forward-looking
digital telco company, we do not want to see this as a
threat, but rather an opportunity to grow larger than ever.
This is time for us to mobilize our resources and lead the
transformation by making strategic investments in the
Asia-Pacific region’s fastest growing digital companies.
MDI Ventures has been working to establish thought
leadership in the field of open innovation. The firm
had expanded beyond investment activities to support
corporate partners in solving the toughest challenges of
the information age.
We are pleased to present you with our industry report on
the state of Indonesia’s startup ecosystem,
“Bits by Bricks: Underlying Legacy Business as the
Foundation for Digital Future.”
On the behalf of Telkom Indonesia, thank you very
much for your attention, and we wish that you find this
information useful.
Sincerely Yours,
David Bangun
BITS BY BRICKS: UNDERLYING LEGACY BUSINESS AS THE FOUNDATION FOR DIGITAL FUTURE02
DAVID BANGUN
Director Digital and Strategic Portfolio
Telkom Indonesia
4. INT R ODUCTION
The Startup Funding Ecosystem
on a Yellow Alert?
We were fortunate to have the opportunity to learn from
our past experience in a venturing almost six years ahead
of everybody. Clearly ‘spray’ model won’t work, especially
in this part of the world.
It is no surprise that the essence of the venture capital
business is not that much apart from startup: fundraising.
Venture capital firms raise capital quite frequent too —
especially the micro funds. The ‘spray’ tactics rely heavily
on the would-be unicorns and preached that 1-2% of the
investments achieve the unicorn status, returning 50x or
more investment. But in reality, these numbers are way
below 1%.
Steve Blank in many of his interviews warned the Silicon
Valley bubble is going to burst as investors are making
unreasonably high bets on startups.
“VCs won’t simply admit that they’re in a giant Ponzi
Scheme. And then, they have to play along, because
they’ve taken money from their investors, and their
investors expect a certain return, but it’s no longer an
honest game. That’s why it feels like 1999 again,” said
Blank voicing the problem.
Blank puts it clearly that the fundamental purpose
of venture capital is sales and profit, “There was an
unspoken but pretty solid rule: We need five consecutive
quarters of profitability and increasing revenues to go
public. The role of venture capital is to teach startups how
to turn the idea into a profitable company.”
In 2016, more Silicon Valley startups and investors are
evangelizing the word “profitability” back into their jargon.
This market correction was a response to the down
rounds in many unicorn startups and making money is
now ‘cool’ again in Silicon Valley.
ASEAN is thought to be the next gold rush of the Internet,
-- and thanks to the ‘spray guys’, the early ecosystem
flourished. Many back then were hoping when the capital
market is ready, then they were able to make huge profit,
BITS BY BRICKS: UNDERLYING LEGACY BUSINESS AS THE FOUNDATION FOR DIGITAL FUTURE03
5. but it turns out no clear pathway to exit in the public
market and the rarity of significant acquisitions. In
Silicon Valley, there are so many public money making
ways into venture capital deals in a form of various
mutual funds, hedge funds, and private equity funds, with
Fidelity, Janus, Blackrock were among the most active in
since the beginning of venture capital industry.
In ASEAN, particularly in Indonesia, super high net
worths and big conglomerates are fueling the runway
needed for the industry. In the early days, venturing
for the super high net worths was an ‘extracurricular
activity’ with no expectation. They relied on GPs (usually
those who had been exposed to startup industry) to
advise them on what ‘new exciting technology’ company
they shall procure. Some of these GPs/advisors also
advised acquisitions of the startups that could make
impact on their legacy businesses — and later most of
these acquisitions turned out to be dead end for both
the acquired and acquirer. These acquired startups
were turned out to be stagnant shortly after the
acquisition were completed — after all who’d want to
sell out a company that is growing? Even some of the big
conglomerate venture capital entities were quiet in the
past eight months. Alarming to the community of angel
investors and seed stage players as the term caveat
emptor is playing now all over the boards.
This report shall address the dynamics of the local startup
ecosystem, and bring a different perspective in corporate
venture investing. ‘Bits by bricks’ is an illustration of
how the scaling up of digital startups is possible through
leveraging the existing brick-and-mortar ones, and
maximizing portfolio performance in the form of synergy.
As we’re continuously reassessing our progress from
time to time, we’re confident that these partnerships built
upon the foundation on mutual benefits will yield more
business value and opportunities for both startups and the
ecosystem as a whole.
BITS BY BRICKS: UNDERLYING LEGACY BUSINESS AS THE FOUNDATION FOR DIGITAL FUTURE04
6. INDONESIA’S PROMISING FUTURE FOR TECH STARTUPS
TECH STARTUPS ARE HAVING PROBLEMS TO SCALE
Many experts and researches have started to predict that Southeast Asia is the next global economy growth
frontier. Indonesia, as the largest country and economy in the region, is right in the epicenter of it. Indonesia’s
young demographic structure and rapid Internet/smartphone penetration are some of the most determining
factors in boosting digital economy growth. Today, Indonesia is the ultimate market destination for any startups
and venture capitalists, not only in the region, but also from countries such as China, India, Japan, and
Australia.
Indonesia definitely has a huge market potential, which theoretically can be utilized to scale up startups faster.
However, some data and case studies in the country’s startup ecosystem have proven otherwise - Series A and
growth stage funding crunch, expensive growth, non-sticky customer behavior, and less-than-adequate tech
infrastructures are some of the barriers for startup companies to grow in Indonesia.
Executive
Summary
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7. CORPORATES HAVE PROVEN TO ACCOMODATE STARTUPS SCALE
MORE STRATEGIC STARTUPS-CORPORATES ALLIANCES IN THE FUTURE
We believe that technologies (bits) that are brought in by startup companies into the market can only achieve
their utmost potential by utilizing the infrastructure and market access (bricks) that have been developed by
Indonesian corporations for the last 20 years. Our thesis is that growth in Indonesia hasn’t been distributed
evenly across all market segments and channels so that for startups to be able to scale, corporate involvement
is crucial to develop go-to-market strategies and growth channels.
As markets are converging, we believe that more strategic startup-corporate alliance will be happening more
often in the future. In Indonesia, the scale and size discrepancy between major corporations and startup
companies are still pretty wide, and sooner or later, startups and other players in the ecosystem will eventually
realize that access to the corporate network is crucial for startups to be able to build their ecosystem and
monetize their services in scalable ways.
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8. Indonesia:
Promises and Reality
THE INDONESIAN DREAM
Indonesia’s tech sector has been receiving enormous attention over the past few years. High profile mega
deals such as Go-Jek, Tokopedia, and Traveloka has been marked as the beginning of a new “digital era” for
the nation’s economy. Such large investment rounds are possible due to high expectations of the large market
size of Indonesia - the fourth most populous country in the world. Before we go further, it is important that we
understand the major driving forces behind the current boom.
Young Demographics
(Source : KKR, United Nations World Population
Prospects, Haver Analytics)
Indonesia is experiencing a population boom. Per
2016, 52% of the country’s population is below the
age of 30. This trend will continue for some time, as
population is estimated to peak in 2060.
Rising Internet Penetration
(Source : Indonesian Coordinating Ministry of Economic
Affairs)
Thanks to massive connectivity infrastructure projects
and low smartphone prices, broadband access
in Indonesia is predicted to cover 100% of urban
population. The country is literally generating millions
of new internet users each year.
9. BARRIERS TO GROWTH
Our early findings is that in the Indonesian market, scaling up a tech company is significantly more
challenging than the more developed and homogenous markets of United States and China.
1
Source: The Consumer in 2050, HSBC (2012)
2
Source: World Bank (2014)
3
Source: World Bank (2017) - “Doing Business 2017” (http://bit.ly/2vKdaJG)
Payments
Indonesia does not enjoy the United States’ high credit
card penetration or China’s widespread digital wallets.
Digital payments in Indonesia are mostly done by
bank transfer, resulting in high friction from customer
experience standpoint. Moreover, the percentage of
unbanked population is still high at 163 million2
.
Behavior
Monetizing digital products in Indonesia is proven to be
challenging. In the pre-internet era, consumers (and even
businesses) were accustomed to using pirated software,
resulting in under-appreciation of intangible products. A
recent survey showed that 73% of respondents are not
willing to pay for digital contents.
Difficulty of Doing Business
Similar to other emerging markets, building businesses
with new social connections in Indonesia is challenging.
Building new business networks or navigating regulatory
landscape is difficult without social reference or backing
from well connected individuals or institutions. While
this is mainly based on our observation, one plausible
indicator is World Bank’s ease of doing business ranking3
.
In 2016, Indonesia was ranked number 91, on par with
Uruguay and Kenya.
Rising Middle Class
(Source: KKR, BPS, IMF, Haver Analytics)
Indonesia’s income per capita is growing rapidly at
8.2% annually until 2022. The size of the country’s
middle class is predicted to cross 150 million1
, the
third largest in emerging markets.population. The
country is literally generating millions of new internet
users each year.
70 73 76 79 82 85 88 91 94 97 00 03 06 09 12 15 18 21
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Indonesia: GDP-per-capita, US $
Indonesia
1998 - 2011
15.3% CAGR
2017 - 2022
8.2% CAGR
1998 (582)
2011 (3,688)
Estimate
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10. Reality Bites
FUND RAISING CRUNCH
Most people conveyed their concerns that Indonesia is in a Series A crunch. In 2015, it was reported by Tech in
Asia4
that there were 53 Seed investment deals recorded. In 20165
and H1 20176
, there are only 17 and 9 Series A
investment deals recorded, respectively. It means that most of the startups who are able to raise their seed round
back in 2015 have not been able to raise further rounds of funding.
We can say that it is a crunch, although the trend is
pretty normal, based on Mattermark’s research7
that
concludes that only 31.7% startups between 2009-2012
that are able to raise Series A investment -
4
Tech in Asia (2015) - “A Breakthrough Year: Indonesia’s Startup Landscape in 2015” (http://bit.ly/2wCFtpX)
5
Dailysocial (2016) - “Indonesia’s Tech Startup Report 2016” (http://bit.ly/2wCriBd)
6
Tech in Asia (2017) - “Dinamika Dunia Startup di Kuartal Kedua Tahun 2017” (http://bit.ly/2wCs0OU)
7
Mattermark (2016) - “The Startup Funding Graduation Rate is Surprisingly Low” (http://bit.ly/2wCENB5)
which means that of startups that have raised their
seed/angel round between 2009-2012 are not able to
raise their Series A investment.
Startup “Matriculation” Rates From Round to Round (Linear Scale)
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11. We believe that one of the factors that causing this crunch
is because starting a company and growing it is getting
more expensive. The data from Mattermark8
showed that
8
Mattermark (2016) - “No, Starting a Startup is not Cheaper Today Than Before” (http://bit.ly/2wCswMH)
(Source: Mattermark Data)
between 2012-2014, for startups to be able to have > 30%
chance of raising their Series A round, they would need at
least US$ 1 Mio in Seed and Pre-Series A funding.
Percentage of Companies With Recorded Series A Rounds As a
Function of Seed & Angel Funding
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12. GROWTH CRUNCH
Growth is getting expensive, as what Uber’s Andrew Chen conveyed in his post9
, due to intense competition,
consolidation, and saturation. Mobile platforms are getting more concentrated into a duopoly structure of Google
and Apple dominating the channel. Due to this structure, mobile is more closed and far less rich compared to the
web, at least from a growth standpoint - which means that mobile is far more stagnant and harder to break into.
In 2016, Facebook and Google control most of the Top 10 apps in the mobile ecosystem.
Competition on paid channels is also intensifying. If
startups can find the right untapped audience segments
with high ROIs, paying for customer acquisition is a viable
growth strategy. That’s not happening today, because
prices are bidded up and startups are facing too much
competition for the same ad inventory.
9
Andrew Chen (2017) - “Growth is getting hard from intensive competition, consolidation, and saturation” (http://bit.ly/2wCoBj9)
Top Smartphone Apps of 2016
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13. From the figure we can see that the mobile ad revenue
per DAU for Facebook is constantly increasing between
2013-2016. It implies that competition is getting fiercer
on Facebook ads, not less, which is evidenced by the rapid
increase in revenue per user. This fierce competition leads
to low retention, and low retention leads to no growth - as
what former VP of Hubspot Brian Balfour conveyed that
retention is the foundation for all growth10
.
In Indonesia, where most revenues are made through
transactions, there are no stickiness. The phenomenon
is imminent on the ride-hailing platform competition in
Indonesia, where all players in that vertical are rolling
out constant discounts and promotions to increase their
Facebook mobile ad revenue per mobile Daily Active User
DAU. Unfortunately, there are no stickiness in Indonesia
consumers’ behavior that are highly price-sensitive - they
are only picking the lowest price amongst all, every time.
This lack of growth is what we think that makes
VC model doesn’t fit Indonesia’s current startup
ecosystem. VC investment model is designed for fund
managers to be able to get 3-5x return in 5-8 years. So
for a US$ 1.5 Mio investment, VCs will need to return at
least US$ 4.5 Mio in the next 5 years - which indicates
that assuming the valuation during investment is US$
7.5 Mio (20% equity), the startup needs to reach +/-
US$ 25 Mio valuation in 5 years through 2-3 rounds of
follow on funding.
10
Producthabits (2016) - “Acquisition is Easy, Retention is Hard” (http://bit.ly/2wCn90n)
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14. The chart above is the quarterly MRR run rate of a
SaaS startup in Indonesia that successfully raised
US$ 1.5 Mio back in Q3 2016 (these numbers are
coming from a startup that has successfully raised
funds from some prominent regional and global VCs
in Indonesia). We can see that the startup is growing
at 40% QoQ from Q4’15 to Q1’17. It’s not that bad for
Indonesian SaaS startup standard11
, however the MRR
itself is still too low to justify the valuation of US$ 7.5
Mio. Extrapolating from the given data, only if it can
maintain the 40% QoQ rate, then it can justify a US$ 25
Mio valuation in Q3 2021 (Using the standard of 6-7x
Revenue-EV12
multiple for premium SaaS company).
Moreover, it’s really improbable to see any VC firms
would like to write a US$ 5 - 10 Mio cheque for a mere
US$ 25 Mio exit value.
even though the startup can achieve the desired
number for an exit event to occur, it is really hard to
find any channel for liquidity in Indonesian market, as
IPO is a rarity in SEA region13
and finding acquisition
channels in Indonesia is also difficult, as only 37
startups acquisition recorded in the last 8 years14
.
11
Brad Feld (2015) - “The Rule of 40% for a Healthy SaaS Company” (http://bit.ly/2wCH6Eh)
12
Tomasz Tunguz (2016) - “What is Your SaaS Startup Worth in Acquisition?” (http://bit.ly/2wCMpTY)
13
Liz Lee (2016) - Deal Street Asia, “M&As set to be Preferred Route for Startup Exits in Singapore” (http://bit.ly/2wCMSWk)
14
LBased on MDI Ventures’s internal research (2017)
Monthly Recurring Revenue (MRR) - US$
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15. Notable M&A Activities
2009-2014 2015 2016 2017
These facts should lead to a conclusion that VC model
is not suitable for current Indonesian market. The
lack of stickiness and growth in the market, also the
unavailability of solid exit ecosystem, makes venture
investing activities highly vulnerable. This particular
reason is also what we think as the main reason that
it is very hard for venture capital firms to raise over
US$ 50 Mio fund in Indonesia, and also the fact that it
is really hard to see any new successful independent
venture capital firms in the near future.
37 Indonesian Startup M&A over 8 years
All of them exited through company
acquisition
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16. Unlocking Growth Barriers :
Corporate Strategic Investment
ACCORDING TO CBINSIGHTS CORPORATE VENTURE CAPITAL REPORT 2016 AND HISTORY15
, ASIA ALONE HAD
OVER 30% FUNDING COMING FROM CORPORATE VC. IT IS A SIGN THAT POINT TO THE GROWTH OF CORPORATE
ROLE AND PARTICIPATION WITHIN STARTUP ECOSYSTEM, ESPECIALLY ON SERIES A AND LATER STAGE DEALS.
We have seen large financing round where Indonesia
corporates participated such as Djarum Group’s GDP
Venture investment in Garena (now become Sea) and
Lippo Group investment in Grab. However, we also saw
more corporates/conglomerates taking stakes earlier
at Series A or even Seed stage, such as several deals
made by Sinar Mas Digital Ventures (SMDV), Venturra
(Lippo Group) and KMK (Emtek Group).
Corporate participation will continue to increase. In
Asia as a whole, corporate participation in venture
deals reached an all-time high at US$28bn in 201616
.
Corporate view on venture capital investments has
shifted from an isolated experimental vehicle to take
a significant role in supporting high-level corporate
strategy. Being the first venture capital arm of a state
owned entity in Indonesia, we are seeing serious
interest from other large Indonesian corporations,
both state owned and not, to pursue innovation agenda
through venture capital investments. As corporates
validate strategic justifications, the budget allocated to
venture capital investments will increase.
While most of them aim for gain as their primary
agenda, yield through corporate synergy also come into
a justification of their investment as it helps corporate
to take small steps towards technology innovation
that would affect their core business. It would ideally
take ‘Research and Development’ budget as their
investment makes it time-efficient to gather case
studies and data, not to mention access to proprietary
technology and bright talents.
Through those goals, corporate appetite to invest in
startups grows and their typical preference of proven
business, case studies and technology naturally put
their investment timing on the later stage. In Indonesia
startup funding stage, that means Series A and above.
15
CB Insights (2016) - “The History of CVC” (http://bit.ly/2wCFIRI)
16
Source: KPMG
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17. The journey At MDI Ventures has been about identifying the ‘‘synergy’ between startups and Telkom group of
subsidiaries would create mutual benefits. We have broken down the typical synergy types based on the level of
impact created by corporate business as the following diagram:
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18. BUSINESS IMPACT EXPECTATION
Source: mVentureBcn (Mobile World Capital Barcelona and IESE), Corporate Venturing: Achieving Profitable Growth through
Startups, January 2017
According to mVentureBcn study in 201717
, Corporate
Venture Capital functions as transition steps prior to
Acquisition. It is within corporate expectation that their
portfolio would accelerate their business forward in
digital age, compared to smaller steps like hackathon,
incubator and accelerator model. However, all the
methods lead to digitalization of corporate existing
business, thus the growing participation of corporates
contributed to unlocking the startup funding and
scaling barriers. It creates mutual benefit, especially in
terms of market access, the portfolio could leverage
a corporate brand that supports them, meanwhile
corporate develops experience and product
accordingly.
Each corporate has expectation for each synergy to
generate impact to their business, but it varies based
on multiple case studies. BCG compiled their case
studies in 201418
and identified the typical integration
timing applicable to startup-corporate synergy effort.
17
mVentureBcn - “Corporate Venturing : Achieving Profitable Growth through Startups”, Jan 2017
18
Boston Consulting Group : “Incubator, Accelerator, Venturing and More”, Jun 2014
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19. It can be seen that Venturing and Strategic partnerships take ideally 1-3 years time integration period due to
corporate bureaucratic process. However, MDI Ventures identified the problem-solving situation and business
opportunity could accelerate this effort.
Two case studies of MDI Venture’s portfolio in
Indonesia that had been successfully implemented
within Telkom group of subsidiaries:
BY EMPLOYING MULTIPLE TOOLS, COMPANIES GAIN A HOLISTIC VIEW OF GROWTH OUTSIDE
THE CORE
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20. PrivyID provides a credible electronic identity by
verifying multiple governments issued IDs, phone
number, e-mail, and signature of a person. By
ensuring that each person could only have one
PrivyID, they prevent duplication of online services
accounts and encourage Internet users to act
responsibly on the web.
The original idea of PrivyID is to provide business
contract templates for enterprises. The team
PRIVYID DEVELOPS AN ELECTRONIC IDENTITY VERIFICATION TECHNOLOGY THAT IS ACCOUNTABLE AND
INTEROPERABLE.
eventually found this model to be unscalable
for a tech startup because at the enterprise
level in Indonesia, most documents are varied
across business verticals and in need of multiple
customizations before customers can finally use them.
PrivyID is a business concept that was born as the
project goes with Indihome, where the company
realized that focusing on the identity verification aspect
of business transactions is a better growth roadmap.
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21. PrivyID is a business concept that was born as the project
goes with Indihome, where the company realized that
focusing on the identity verification aspect of business
transactions is a better growth roadmap.
require being highly customized and that there is the
problem of legal verification in the electronic signature
process in Indonesia.
The Use Case: PrivyID came up as a government-
approved digital signature verification in Indonesia,
and Indihome uses its service to make user onboarding
process more efficient. Today, users can sign up for
Indihome’s services through its app, and all data
verification technologies in the app are provided by
PrivyID.
Telkom Group of Ecosystem: The early success
of PrivyID digital signature verification system
implementation in Indihome’s user onboarding process
validates the need for ID verification system for KYC
process in customer-facing businesses, especially in
the sector of financial services.
Beyond Telkom: Outside Telkom Group, PrivyID has
been successfully implemented in other enterprises,
such as Bussan Auto Finance, ZTE, and Adira Finance.
In less than 16 months, PrivyID has reached 430,000
users. We will see more implementation use cases for
PrivyID, especially in major financial institutions in
Indonesia, such as Bank Mandiri & BRI.
The Pivot: After some months working on the concept
of business contract templates for enterprises, the
team tried to implement the technology for Indihome
signing-up activities. Realizing that some contracts
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22. Kata.ai (formerly YesBoss) is a service which provides
the first intelligent chatbot in Bahasa Indonesia. It is
suited with NLP technology that brings improvement
to customer experience for industries. YesBoss was
Indonesia’s answer to Magic, a virtual assistant that
gets you anything you desire via SMS or/and app, for
example, you could ask for a table reservation, order
food, or send flowers to someone. Amidst the hype,
YesBoss closed down all services in September of 2016,
and from then on, Kata.ai rose from the ashes.
The Pivot: After the phasing out of YesBoss, the team
began to work on a different segment, the enterprise
KATA.AI (FORMERLY YESBOSS) IS A SERVICE WHICH PROVIDES THE FIRST INTELLIGENT CHATBOT IN BAHASA
INDONESIA. IT IS SUITED WITH NLP TECHNOLOGY THAT BRINGS IMPROVEMENT TO CUSTOMER EXPERIENCE
FOR INDUSTRIES.
segment. The artificial intelligence that had been used
to process orders from customers to merchants was
‘spinned off’ into a new CRM channel that would be
The Use Case: After months of preparation, in August
2017, Kata.ai launched the first AI chatbot, Veronika,
with Telkomsel on Line. In just weeks, Veronika
Chatbot had reached almost a hundred thousands
active users. Beyond CRM, Kata.ai engine is equipped
with more features that would be utilized by Telkomsel
customers to recharge, purchase packs, and more.
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23. YesBoss was Indonesia’s answer to Magic, a virtual assistant that gets
you anything you desire via SMS or/and app, for example, you could ask
for a table reservation, order food, or send flowers to someone. Amidst
the hype, YesBoss closed down all services in September of 2016, and
from then on, Kata.ai rose from the ashes.
Telkom Group of Ecosystem: The early success of Veronika Chatbot
being implemented in Telkomsel validates the need for new channels
in customer experience and prompts a new collaboration with Telkom’s
Infomedia.
Beyond Telkom: Outside Telkom Group Kata.ai has been successfully
implemented in Unilever through Jemma Chatbot, and within just a few
months reached almost two million active users. In the future, we will
see more of Kata.ai engine being implemented in many enterprises
under different names, activating new channels and rejuvenating existing
ones to the fullest.
Users Adoption Growth
6 million users within 8 months
# of users with access to Kata.ai chatbot
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24. Conclusion
OUR FINDINGS HAVE SHOWN THAT WHILE THE INDONESIAN MARKET PROVIDES
ENORMOUS POTENTIAL, SCALING UP TECH COMPANIES HAVE PROVEN TO BE EXTREMELY
CHALLENGING.
We have seen that a “hands-off” approach from a
typical venture capital deal to be not effective enough
in supporting startup growth. Investors need to be
proactively involved in helping portfolio companies in
building businesses with well-established companies.
We think that there are at least 2 ways to win in
Indonesia’s tech ecosystem, encapsulated into access
to growth and ecosystem building.
19
CForbes (2016) - “Steve Case Offers Advice for Entrepreneurs of the Third Wave” (https://goo.gl/XJ7NnC)
ACCESS TO GROWTH
It is important for tech startups in Indonesia to have
access to growth through corporates’ existing business
channels and infrastructure. Corporates like Telkom
and other state-owned enterprises in Indonesia have
successfully built their business for 50+ years, and
the legacies of those businesses are the ones that
build up their enormous wealth and scale today. What
tech startups in Indonesia can do to win the market is
by tapping this abundance of growth potential inside
Indonesia’s corporate business units, and changing it
from bricks to bits. As what Steve Case articulated in
his book “The Third Wave”, technology will shift from
being the software and the app, which is the hallmark
of the second wave, to being much more about
partnerships with players in each of these sectors
of healthcare, education, energy, transportation,
government services, or other kinds of things, and
innovators that are skilled at partnerships will be the
winners19
.
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25. ECOSYSTEM BUILDING
WHERE DO WE GO FROM HERE?
From Alibaba’s ecosystem model, we can see that
the enabler companies in logistics, finance, and
e-commerce operator are constructing most of
Alibaba’s revenue share, compared to the other
customer-facing services (marketplace, B2C, etc). We
believe that this model will be applicable in Indonesia
tech space, as the successful startups will be between
companies that are able to create this end-to-end
As lackadaisical infrastructure is one of the main barriers to growth in Indonesia, we believe that in order to thrive
in Indonesia’s market, startups would need to emulate Alibaba’s model of building an end-to-end ecosystem.
Our findings might not provide a straightforward
answer to those asking “how can we build and scale
tech businesses in Indonesia”. However, we are
confident to assert that strategic partnerships between
legacy business and tech companies are proven to
produce substantial value for all parties involved.
We also see that these strategic partnerships may
eventually lead to equity alliances or acquisitions. MDI
Ventures as the innovation arm of Telkom Indonesia
will continue to support the ecosystem to the fullest
and open our arms to a mutual partnership with local
and international stakeholders.
ecosystem or the ones who can tap into a growing
ecosystem (i.e: e-commerce, fintech) and create the
enabler technologies to optimize the process and
monetize from it. To dominate e-commerce ecosystem,
Alibaba has been aggressively acquiring ecommerce
sites in different cate gories within chinese market,
this strategy has been extended to South East Asia
Alibaba
Subsidiary
in China
Ecommerce
B2B B2C C2C Cross-
Border
Logistics Finance Ecommerce
Operator
Enablers
Comparable
Company
in Indonesia
Alibaba’s tech conglomerate model - capturing value chain throughout the ecosystem
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26. Metra Digital Innovation
The East Tower . 36th Floor
Jl. DR Ide Anak Agung Gde Agung
Kav E.3.2 No. 1. Kuningan Timur
Setiabudi. Jakarta Selatan. 12950
Nicko Widjaja
Joshua Agusta
Rama Manusama
Aditya Hadiputra
Harry Muksit
Chief Executive Officer
Head of Portfolio
Head of Innovation & Strategy
Synergy and Business Development
Communication and Content
CONTRIBUTORS
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